C.

Insurance Monopolies

For remaining insurance monopolies, the following obligations are to be assumed:

1.  As a general rule, designated insurance monopolies are to be prohibited from

offering insurance products outside the area of their monopoly designation.

Where monopolies are permitted to engage in the sale or underwriting of

insurance products outside the area of their monopoly rights, appropriate

supervisory and oversight steps will be taken to ensure that monopolies do not

abuse their monopoly position when competing in product areas that are open to

competition.

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2.  Insurance suppliers with designated monopoly rights will maintain separate

accounts for monopoly and non monopoly activities, to insure that revenues

from the monopoly do not subsidize competitive insurance activities.

D.  Independent Regulatory Authority

The insurance regulatory body will be an independent government entity, to ensure

that decisions regarding procedures adopted by the regulator are impartial with

respect to all participants, and will encourage a competitive insurance market.

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 This obligation is addressed in Article VIII (2) of GATS

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